Standard & Poor’s reports improved ranking for Target

22 November 2010

Target Servicing has achieved a Standard & Poor’s (S&P) “Average” ranking* for the provision of primary residential mortgages and consumer finance loans in the UK. The outlook is “Positive” as a primary servicer of residential mortgages and “Stable” as a primary servicer of consumer finance loans in the U.K.

For its management and organisation structure, Target has successfully improved its sub-ranking from “Average” to “Above Average”. For its financial position Target Servicing has been assigned a ranking of “sufficient”.

Target Servicing is the business process outsourcing division of Target Group. It was previously known as Target Loan Servicing. Its name change reflects the wider services provided across loans, mortgage and investment administration outsourcing.

James Snow, Chief Executive Officer at Target Group commented “We are delighted to have achieved our “Average” ranking from Standard & Poor’s. I believe this is a testament to the experience of our people, as well as our, smart technology and proven processes.

“In the past twelve months, Target’s outsourcing division has grown its managed portfolios from five to thirteen, with assets and funds under management totalling £2.7 billion. This growth has been generated through Target’s ability to diversify across all loan products and also into the investment market.”

The ranking reflects S & P’s view of Target Servicing as a business with a well established operating system deployed throughout the financial services industry and a robust management structure with a good cross section of industry experience.

Target’s outsourcing division was also recognised for its successful diversification into the servicing of investment products, provision of a high calibre, motivated workforce and healthy new business growth. As well as effective business continuity plans and the introduction of innovative arrears strategies which have delivered positive early results for clients.

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